Many Mexico analysts have been calling attention to Mexico’s current economic environment and comparing it to the run-up to the 2008 crisis… However, we do not think that this “relatively better” position will make any difference if the country has to face a crisis comparable to what the world economies faced during the 2008 crisis … in some way the 2008 crisis was not completely understood, or at least its effects on the world economy were not correctly priced at that time.

We should not underestimate the potential severity of a developed country crisis; this time around, we are not talking about Argentina going under, or Russia, or the South East Asian Tigers, or Brazil. Today, we are talking about some of the largest and most advanced economies in the world. Thus, we should not take the potential fallout lightly. Although the Mexican economy is better prepared to absorb a severe shock today than it was back in 2008, some of the issues that have limited the ability of the country to avoid contagion or a severe economic contraction remain the same today.”